As risks in the global economy looms on the horizon, governments around the world should build adequate fiscal space as a buffer for their economies ahead of the next downturn, according to the International Monetary Fund in its flagship report Fiscal Monitor.IMF director for fiscal affairs department Vitor Gaspar urged countries to use the positive momentum in their economy to build the fiscal space, such as by mapping their public assets and liabilities to manage the risks.“Systematic compilation of use of public sector balance sheets can lead to lower debt servicing costs and higher return on assets [and] better management of risks,” he said during the event as part of the IMF-World Bank Group Annual Meetings 2018 on Wednesday.Gaspar was referring to the balance sheet approach used in the latest Fiscal Monitor report, which took into accounts a country’s assets — including nat...